The annual meeting of the shareholders will be held on
 April 27, 2017 at 1:00 PM Eastern Daylight Time.

 Location:  The St. Regis Hotel
         Two East 55th Street at Fifth Avenue
         New York, New York 10022

 to the annual meeting of the shareholders of Biglari Holdings Inc.
 The admission ticket admits the shareholder(s) listed on the ticket and
 guest (family or business associate) and is not transferable. If shares are
 held in the name of a broker, trust, bank, or other nominee, you must bring
 with you a statement, legal proxy or letter from the broker, trustee, bank
 or nominee confirming the beneficial ownership of the shares.

 Cameras, recording devices, and other electronic devices will not be
 permitted at the meeting.